Last month, it was revealed that Barack and Michelle Obama had received a $65 million advance after signing a book deal with Penguin Random House (PRH). Now, it’s been revealed that the book world was just as shocked as all of us were when their memoirs went for that much money.
“The initial thought was they were wrong,” says Publisher’s Weekly News Director Rachel Deahl, according to Town and Country Magazine. “You hear a number like that and think it’s been inflated or that they got bad information.”
“It was a huge shock,” Deahl added. “It’s a staggeringly large sum. I’ve never seen anything like this for standalone books.”
Deahl went on to say that the Obamas likely only sold their books together so that they could maximize the amount of money they’d make.